The tenant can set up automatic payments. no contracts, you can set parameters such as auto-billing of late fees, acceptance of late and partial payments, etc.

My initial instinct was to back out immediately, however in talking to my realtor he is making it seem like its not an automatic deal breaker.I certainly am going to request the seller fix the termite problem.

I've heard it used in automobile insurance...insurer provides a temporary clause in the policy, automatically insuring a buyer's vehicle for a period of a few days prior to the buyer before actually adding the coverage of the purchased vehicle.

If you looking at a significant number of properties and need a whole lot of details without writing a contract, you can have an agreement with a realtor to do that for an agreed upon price.However, both Shorewest.com and Zillow will also give you general info and you can set a search in both for automatic notifications.Mike - being a realtor is a full time job until you have enough income from rentals/flipping. 

This does not mean that your's is automatically safe.  

I need the computer power to do my robotics designs.  

Treat them as robots.

He explained that it might be a good idea because in the event someone comes after me for money, he would automatically be the contact and I would also have a lawyer that I could tell someone to call :P Does anyone have any stories, good or bad, that could help me ?

Hello:) My name Is Kavosa....or is it already indicated automatically somewhere around my profile picture..oh well.

I also do public bank foreclosures, and tax deeds.I can set you up with complete access to our MLS covering Hillsborough, Pinellas, and Pasco Counties.I can set up an automatic MLS feed to you based on your parameters, and provide CMA's on properties of interest.PM me.